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Hull: The UK City Offering Its Own Cryptocurrency

Hull, the UK city situated in the East Midlands with a population of 260,200, has become the unexpected innovators of its own cryptocurrency, dubbed HullCoin.

Hull?

Perhaps not the first location pundits expected to see initiating its own cryptocurrency, Hull has nonetheless implemented HullCoin successfully and with the widespread endorsement of the city’s residents. The official website describes HullCoin as ”the world’s first Community Loyalty Point”.

The entire supply of 10 million HullCoin was pre-mined by the founders, who are also in control of the supply. The coins are issued to individuals who partake in activities beneficial to the city of Hull, such as volunteers, health service providers and community support organizations.

Participating business have agreed to accept HullCoin as a valid payment method alongside the UK Pound Sterling (GBP). Once the coins are held by the business, they are entitled to re-issue them as they see fit in a way that benefits the community. This could be in the form of charitable donations, staff incentives or customer reward schemes, to name a few.
While there are locations such as Dubai that manage their own official cryptocurrency, HullCoin is a unique endeavor in being a local currency with the primary purpose of rewarding positive community participation.

The project has gained support from the National Health Service (NHS), as well as local institutions including Hull City Council, Hull College and the local department of work and pensions. In total, 140 retailers in the city are currently accepting HullCoin.

If the project is seen as a success, it is possible more UK cities would pursue their own form of digital currency. However, the UK does not have a particularly favorable attitude towards cryptocurrencies.

The Bank of England recently threatened Bitcoin with a regulatory crackdown, with the bank’s governor Mark Carney citing the state of cryptocurrency trading as “anarchy”. He also noted that he believed cryptocurrencies were failing their most basic function of serving as money.

Nonetheless, HullCoin has at least been receiving positive media traction in the UK.

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